Hot Fun in the Summertime: NYC Hits 92 degrees;Healthcare Plan Draft Out

Update after close 7/13:

Health Care draft bill appears to have stabilized biotech despite opposition. ETFs end in green but XLV is flat. More analysis is coming tomorrow.

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It’s Vacation Time

We are out on vaca until Monday the 17th. Here are some updates as of 11:15a Thursday:

  • Biotechs are weak today falling below SMA 20 (XBI). IBB of 0.47%.
  • Red screen day in biotech Amgen (AMGN) green at $173.82. NASDAQ flat. Technology leading sector up 1.3%.
  • Tesaro (TSRO) down 8% to $127 on dim near-term prospects for buyout.Could be reason for weak sector.
  • Arena Pharmaceuticals (ARNA) down 6.78% after huge day Tuesday on PAH mid stage trail results.Plans secondary of 150M shares.Still up 40% for the week.
  • T.Rowe Price (PRHSX) health-care fund up 20% YTD. Among top biotech holdings are ALXN, VRTX and INCY. Prospects for GILD still look good.
  • CAR-T therapies get FDA panel go-ahead with Novartis (NVS) acute lymphoblastic leukemia drug.
  • Revised healthcare draft by Senate coming may keep investment income and payroll taxes; “ACA lite scenario”.

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